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Rex unit proposes US$4.5m preference share issue to fund Oman well drilling

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Ng Ren Jye

Published Fri, Dec 20, 2019 · 09:50 PM

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Singapore

AN indirect unit of Rex International, Masirah Oil Ltd (MOL), is proposing to issue US$4.5 million of preference shares priced at US$477.70 apiece to Trace Atlantic Oil to fund its drilling activities and operations in Oman.

Rex indirectly holds a 92.65 per cent stake in MOL that will be reduced to 87.40 per cent following the Trace Atlantic deal.

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